Keyless has reported substantial growth in 2024, achieving a 657 percent increase in annual recurring revenue compared to the previous year. And the company projects this growth trajectory to reach 780 percent by year’s end.
A significant partnership with a top 10 European bank has demonstrated the technology’s impact, resulting in $4.1 million in cost savings from reduced help desk and SMS OTP expenses in the first year. The implementation led to a 77 percent reduction in account takeover fraud, with rates declining from 4.3 percent to 0.97 percent. Account recovery times improved fivefold through the replacement of call centers with self-service facial biometrics.
The company has introduced the Keyless IDV Bridge, a solution that eliminates redundant enrollment processes for identity verification and authentication. This system enables bulk silent enrollment for existing users and integrates new users during banks’ Know Your Customer (KYC) procedures. The solution builds upon Keyless’ patented technology that breaks biometric data into “shards” for enhanced security.
Keyless is now looking to further capitalize on its success through an expanded presence in Europe and the United States, and the strategic addition of several industry veterans to its advisory board. European additions include Alessandro Profumo, former CEO of Leonardo and UniCredit, and Francesco Caio, who previously led Cable & Wireless and Poste Italiane. In the US, Sarah Clark, former SVP of Digital Identity at Mastercard and General Manager at Mitek, and Charles Walton, a decentralized identity expert with experience at Mastercard and Avast, have joined as advisors.
The new advisory team is poised to help the company leverage its momentum for even greater success, further accelerating its rapid ascent. Keyless was founded in 2019, when Giuseppe Ateniese (CSO), Andrea Carmignani (CEO), Paolo Gasti (CTO), and Fabian Eberle (COO), brought together their expertise in cybersecurity and privacy to focus on cutting-edge technology in the field of biometric authentication.
Within a couple of years, it was acquired by San Francisco-based Sift; and in 2023, Keyless once again went independent, raising $6 million in funding in the process. It has now secured a total of $15.42 million in funding across multiple rounds. Notable investors include Primomiglio SGR SpA, Plug and Play Tech Center, Luiss Alumni, Growth, and LuneX Ventures.
The company’s core technology, Zero-Knowledge Biometrics, delivers authentication in 300 milliseconds without storing biometric data. This approach addresses growing industry concerns about centralized biometric storage, which experts have identified as a potential security risk. Keyless maintains ISO 27001, ISO 30107, FIDO Biometrics, and FIDO2 certifications. The company currently employs 50 people across offices in the UK, US, and EU, and has recently expanded its reach through integration with the Microsoft Azure Marketplace.
“2024 has been a transformational year for privacy-preserving biometrics,” said Carmignani. “We have seen market traction and technological development beyond even our own expectations,” said Carmignani. “We want to extend our thanks to our customers, partners, and the wider financial services community for sharing in our vision to redefine authentication, and we look forward to achieving even more in 2025.”
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December 18, 2024 – by Cass Kennedy and Alex Perala
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